After the close, Alphabet (GOOG) is set to report 4Q20 earnings with an earnings conference call set to follow at 5:00 p.m. ET.

Analysts are expecting the company to report EPS and revenue of $15.99 and $52.9 bln, equating to projected yr/yr growth of 4% and 15%, respectively.

GOOG does not historically provide specific EPS or revenue guidance.

• In its Q3 report, GOOG crushed top and bottom-line estimates as the company benefited from a stronger-than-expected recovery in advertising spending.

• During the earnings conference call, CEO Sundar Pichai stated that the company saw improvement in advertiser spending across all geographies and most verticals.

• Advertising is still GOOG's "core" business, but Google Cloud's rapid growth continues to capture investors' attention. Last quarter, cloud revenue jumped by 43% to $3.44 bln, which followed a 52% spike in Q2.

TECHS:

The stock has been on fire heading into the report, up more than 10% so far in FY21, reaching all-time highs in the process. The gains raise the bar for GOOG, meaning it will likely need to blow out the quarter to impress investors.

GOOGL's results will provide key data ahead of Snap's (SNAP) and Pinterest's (PIN) earnings reports after the close on Thursday.

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